How much does a partner in a Canadian law firm earn?

Answer 1

It really depends on the city, firm, and partner. It also depends on if you're an equity partner or income partner, and not all firms make that distinction. Equity partners get a cut of the equity (what the firm makes in a year) so it depends on how the firm as a whole and all its employees are doing. At a small firm it's not much, but at these big 200 person firms, it can be significant, keep in mind though bigger firms have more patners. Each firm has a slightly different partnership structure though, some are more "top heavy" than others, in which case the partners have to work more to pull their own weight. By contrast where there are few patners they can work less and focus on business development while the associates work. To give you an idea of the ranges, articling students in Toronto make 70,000/year. Articling students in Vancouver/Montreal make around 50,000/year. Partners are about 7 years out most likely, and everyone gets raises every year automatically, then you get another raise for meeting close to your billable hours target, and bigger bonuses if you meet or exceed your targets. So after 7 years of raises, and then you become a partner and get a share of the equity...